Chapter 2: Technology And It's Use In Services Marketing Flashcards
What are the main technological developments that define the Fourth Industrial Revolution (4IR)
- high speed internet: high speed internet connectivity has transformed the way people communicate and access information
- artificial intelligence and automation: AI and automation have revolutionized many Industries from Healthcare to manufacturing
- big data: it refers to the vast amount of structured and unstructured data that are generated everyday, big data analytics allow companies to analyze data to identify patterns and insights that can be used to improve their products or services
- cloud technology: it refers to the use of remote service to store manage and process data
What is the influence of technology on the organization and services delivered
1) automation and efficiency
2) improved communication and collaboration
3) personalization and customization
4) faster and more convenient service
What is the 4IR characterized by
The convergence of technologies such as artificial intelligence, the internet of things. robotics and 3D printing
What is the 5IR characterized by
It is characterized by the development of new technologies such as quantum computing, nanotechnology and biotechnology
What is the impact of 4IR and 5IR on the marketing of services
- data driven marketing
- automation
- digital channels
- sustainability
What is technologies effect on services and its designe
- frontline interactions
- authentication
- interactions
online touchpoint (websites, social media, email, that enable customers to access information and make purchases)
offline touchpoint (includes physical store, customer service centers and events, allows customers to interact with organizations in person and receive personalized systems)
omnichannel touchpoint is an integration of online and offline touchpoints, it allows customers to interact with organizations in a way that’s most convenient for them or preferred
What are the positive consequences of technology for employees
Increased flexibility, allows employees to a promotely or adopt flexible work arrangements
Improved productivity, enabled employees to automate routine and time consuming tasks allowing them to focus a more complex in challenging work
Improved communication, easier for employees to communicate with each other regardless of location and time zone
Enhanced learning and development, enable the employees to access training and development opportunities online allowing them to acquire new skills more easily
What are the negative consequences of technology for employees
-Job losses
-Increased work load
-Skills gap
-Reduced social interaction
What are the effects of technology on customers
It has enabled positive changes such as convenience and personalization, but it also creates new challenges such as information overload at privacy issues
What are the two models that can be used to understand and predict customer adaptation of technology-based services
-Technology Readiness Index (TRI)
-Technology Acceptance Model (TAM)
What are the benefits of self-service technologies
-Quicker
-Low labour cost
-No business hours
What are the types of artificial intelligence
-personal or virtual assistance: siri, alexa
-chatbots, companies use chair boards to automate customer service and provide 24/7 support to their customers
-autonomous vehicles, self driving cars and drones used to make decisions on real-time data
-fraud detection, financial institutes use AI algorithms to detect and prevent fraud by analysing transaction data
What are the different types of consumer acceptance of a service robot
-robot vacuums
-social robots
-personal care robots
-retail robots
-warehouse robots
What are the 5Vs of big data
1) volume
2) velocity
3) variety
4) veracity
5) value
What can big data be used for
-Targeted advertising
-Fraud detection
-Healthcare
-Smart cities
-Sports analytics
